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277 <br /> <br />ARTICLE IV OF THE CHARLOTTESVILLE CITY CODE, 1990, AS AMENDED, <br />RELATING TO VENDOR STANDS," was offered and carried over to the next meeting <br />for consideration. <br /> <br /> k was agreed that a public hearing would be held prior to the second reading of <br />the ordinance. <br /> <br /> Mr. Goutdman stated that suggested changes to the lease would be made prior to <br />the JUne 6th meeting. <br /> <br /> Responding to a request from Ms. Slaughter for a fuller description of the <br />proposed location for the kiosk, Mr. Danielson stated that it ~vas proposed to be placed <br />equi-distance between the Coffee Exchange and Jefferson National Bank and a slight <br />change in the location of the statue may be necessary. <br /> <br /> Responding to a question from Ms. Slaughter, Mr. Danielson stated that he has not <br />spoken to newspaper vendors. <br /> <br />RESOLUTION: LEASE-PURCHASE AND LINE OF CREDIT AGREEMENTS FOR <br />FIRE AND CO-COLLECTION TRUCKS <br /> <br /> Mr. Hendrix explained that the resolution would approve a line of credit and loan <br />agreement for fire and co-collection trucks. <br /> <br /> Ms. Rita Scott, Director of Finance, stated that bids had been taken for the line of <br />credit and good rates had been proposed. <br /> <br /> On motion by Ms. Daugherty, seconded by Mr. Toscano, the resolution approving <br />the lease-purchase and line of credit agreements for fire and co-collection trucks was <br />approved by Council, with Rev. Edwards absent. <br /> <br /> WHEREAS, City Council appropriated certain funds in the 1992-93 Capital <br />Improvements Program and in the 1994-95 Equipment Replacement Fund for the <br />purchase of a fire truck, and co-collection refuse trucks and equipment, respectively, and <br />has agreed to finance the fire truck through a loan, and the co-collection vehicles through <br />a line of credit loan; and <br /> <br /> WHEREAS, the City's Director of Finance solicited and received bids for such <br />financing and recommends accepting the bid proposals from Crestar Bank; now, therefore <br /> <br />BE IT RESOLVED by the Council of the City of Charlottesville, Virginia, that: <br /> <br /> 1. The 1994 fire truck financing agreement between Crestar Bank and the City of <br />Charlottesville, and the terms, conditions and provisions thereof are hereby approved. <br />Such agreement shall be for a term not to exceed seven (7) years and to finance <br />firefighting equipment in an aggregate principal amount not to exceed $274,950 at a "true" <br />interest cost to the City not to exceed 5.014%. <br /> <br /> 2. The 1994 One Million Dollar ($1,000,000) "master" line of credit financing <br />agreement between Crestar and the City for the purchase and retrofitting of certain <br />co-collection refuse trucks and related equipment, and the terms, conditions and <br />provisions of said line of credit are hereby approved. Loans made pursuant to this line of <br />credit shall be repayable in a term or terms up to a maximum period of seven (7) years at <br />interest rates which will float and be tied to rates for comparable term treasury notes <br />(currently in the range of 5.1% per annum). <br /> <br /> 3. In the event that funds are not appropriated in any additional fiscal year to <br />cover regular payments required by these two loans, or either of them, the loan <br />agreements affected shall terminate on the last day of the fiscal period for which <br />appropriations were received, and the property shall be surrendered to the financing <br />institution. <br /> <br /> <br />